Internet users to save on personal loans

Tue, 03 Jan 2006

Consumers who use the web to find financial products are planning to review their finances and save money during 2006, especially on personal loans.

A survey by financial website Moneyfacts found that 78 per cent of its website users are planning to review their finances during 2006, with over three-quarters indicating they want to start saving money in the new year.

Those looking for a good deal on personal loans could do worse than to use the internet and Moneyfacts suggests that web shoppers looking for a unsecured personal loan for £5,000 with insurance can beat the average repayment by over £15 a month.

"Consumers should not take out the first personal loan they see," said Emma Butler, editor of the website.

She said that the average percentage rate on personal loans could vary between 5.5 per cent to more than 20 per cent.

"However, due to credit pricing policies utilised by some lenders, not all consumers will receive the attractive headline rates advertised, so, they should check the actual rate they are offered and weigh up whether this is still a good deal," Ms Butler added.

The survey also found that 53 per cent of Moneyfacts users are looking to buy a property or are considering moving.

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